SiriusXM (SIRI), the satellite radio provider, has found itself on the bad end of another lawsuit. New York state judge Lyle Frank declared Sirius in violation of the Restore Online Shoppers’ Confidence Act that makes it too difficult to cancel service.
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Judge Lyle Frank rejected claims of “fraud and deceptive practices.” But the parts about difficult cancellations of service stuck. Judge Frank noted that canceling was “clearly not as easy” as signing up was and that those who wanted to cancel were required to “…speak at length with live agents trained to dissuade cancellations, and listen to as many as five offers of other services before being allowed to cancel.”
The judge ruled that Sirius would be required to change its cancellation policies and “pay unspecified damages.” Sirius said it will appeal the decision, and abide by upcoming rules that make canceling as easy as signing up. The so-called “click to cancel” rule begins in January 2025.
Free Weeks Afoot
Separately, for people who once had Sirius service but currently do not, there is a special now available. Sirius is offering up two weeks of free access as part of its “Listen Free Event” that runs until December 2. Former subscribers can fire-up their satellite radios and listen at no charge, though some older radios may not get reception.
Lastly, Sirius Octane will bring out the “Headbangers Happy Hour” live event for the first time from Los Angeles’ The Bourbon Room. Sadly, listeners may have missed an Eric Church special fundraising event for North Carolina, still devastated by Hurricane Helene.
Is SiriusXM Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on SIRI stock based on five Buys, four Holds, and five Sells assigned in the past three months, as indicated by the graphic below. After a 45.34% loss in its share price over the past year, the average SIRI price target of $28.71 per share implies 9.04% upside potential.
